Retardant Solvent Market: Overview and Dynamics
Retardant solvent is an efficient low toxicity solvent used for industrial back coating. This retardant solvent is suited with a variety of resins chemicals and has utility over a wide range of applications. Concerning the efficacy of the final application of retardant solvent in different types of paints, coating and plastic applications, the physical condition of the interfaces is a major urging factor dictating efficiency. In some other cases, where solids and liquids material or any other different solid materials come in contact with each other, then it combines them. Retardant solvent are majorly used in construction, automotive coatings and architectural industries. Retardant solvent is mainly involved to inhibit the combustion of solid liquid materials such as wood, foam, chemicals, electric cables, and fiber reinforced composites.
Retardant solvent are used prominently in paints, solvents decompose and used in many components such as paint formation, industrial back coating, dyes and resin, it helps in producing the desired consistency. Retardant solvent resists yellowing during applicability and delivering excellent surface gloss and levelling. The additives are physically incorporated into the paint when applied to the surface, this allows the resin and pigment to produce a film of paint and evaporates quickly. The use of retardant solvent in the paint industry has increased so far, and it provides many effective alternatives between durable and decorative coatings for design and manufacturing uses. Recent developments in the electrical and electronics, automotive and transportation industries are expected to increase demand for retardant solvent. Increasing use in the construction and manufacturing industry is expected to positively affect the retardant solvent market. Increasing awareness of retardant solvent will witnesses high growth rate during the forecasted period.
Rising literacy rates, disposable incomes, and worldwide living standards, particularly in developing regions, such as Asia Pacific, have fueled the growth of infrastructure development and increasing construction activities. This growth trend has benefited the market in recent times and is expected to do so during the forecast period as well. In Asia Pacific region China and India dominate the retardant solvent market due to rising demand from growing infrastructural development. In addition, there is a strong growth in providing solvent solutions for a variety of industrial coating businesses.
Growing population, increasing urbanization and rise in government initiatives in developing countries, have been pushing the growth and development of the construction sector. In addition, large investment in infrastructure projects will be an added benefit for growth in developing regions, such as the Middle East and Africa.
Oil & Gas, construction and automobile led the market in the end-use segment and accounted for more than 44.0% share of the global retardant solvent market revenue in 2019. Anticipated to increase investment in exploration activities and to increase demand for retardant solvent for capacity expansion.
COVID-19 Impact Insights
The COVID-19 pandemic has created a lockdown and social distancing norm for every manufacturer. Manufacturing units closed in almost all regions, such as North America, Europe, and Asia, in the second fiscal quarter of 2020. The heavy duty glass coating industry has been noticing the adverse effects of the COVID-19 outbreak. However, manufacturing of automobiles and construction activities has been halted due to the closure of industries worldwide. The necessary changes and upgrades have been made for workplace safety and stricter guidelines for COVID-19 has been imposed in several regions across the globe.
The retardant solvent market is expected to be severely affected due to global market and supply chain disturbances. The retardant solvent market is highly dependent on growth in the construction and manufacturing sectors, as retardant solvent are used in paint and coatings applications in these areas. Strict lockdowns and social disturbances in major provinces of countries around the world have affected the retardant solvent market. Demand for paints and coatings declined in the first quarter of 2020, primarily due to the outbreak of COVID-19, due to increased demand for retardant solvent. The production of retardant solvent in the country has been weakened due to lack of supply of raw materials. Therefore, the economic slowdown in countries such as the US, Canada, Germany, Italy and Spain is expected to increase in the next coming years. Demand for retardant solvent declined in the first two quarters of 2020 due to the effect of COVID-19 pandemic.
Disturbances caused by COVID-19 certainly affect the prices of construction products and materials. This effect can be seen by the year 2020 as the construction industry will have a growth set during the projected period.
Segmentation Analysis of Retardant Solvent Market
The global Retardant Solvent market is bifurcated into five major segments: product type, category, application, end use and region.
On the basis of product type, Retardant Solvent market has been segmented as follows:
On the basis of category, Retardant Solvent market has been segmented as follows:
On the basis of application, Retardant Solvent market is segmented as
- Cable wire
- Gas pipeline
- Car and truck seating
- Car body Frame
- Walls and Ceiling
On the basis of end-use, Retardant Solvent market is segmented as
- Building & Construction
- Ship Building
- Oil & Gas
On the basis of geographic regions, Retardant Solvent market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Retardant Solvent Market: Regional Outlook
Based on regional outlook the Retardant Solvent market focused on the prominent region including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. Of these, Asia pacific dominates the retardant solvent market and holds largest market share. The economy of Asia pacific is primarily determined by the economic dynamics of China and India. Growing foreign direct investment in East Asia is witnessing high growth in the construction and manufacturing industries which is ultimately beneficial to the retardant solvent market. China is a major market for retardant solvent in comparison with other regions due to the increasing presence of infrastructure and construction industries. Rising growth in the real estate sector, particularly in China, India, Indonesia and Japan, is another important factor of increasing demand for the retardant solvent market in these regions.
The increasing construction activities in North America are expected to contribute significantly to the growth in the retardant solvent market demand in the US. The growth of construction industries in North America is expected to increase due to changing trade deals and new import duties.
Retardant Solvent Market: Key Players
Based on key players retardant solvent market is divided among
- Akzo Nobel
- Israel chemicals LTD
- VINK Chemicals
- and others are the most prominent players in Retardant Solvent market. In addition, various manufacturers have started investing in their construction as the completion has increased rapidly. Various up-gradation have been identified in retardant solvent products. Manufacturers are more focused on starting production in the last quarter of 2020 and meeting demand.
Product launch, acquisition, innovation of new technology and focus on research and development are the major strategies adopted by the major players in retardant solvent market, which is expected to increase the demand for retardant solvent market in the forecasted period.
The research report presents a comprehensive assessment of the Retardant Solvent market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Retardant Solvent market report provides analysis and information, according to market segments such as geographies, product type, category, application and end-use.
The Retardant Solvent Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The Retardant Solvent Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand , Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)
The Retardant Solvent report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The Retardant Solvent report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The Retardant Solvent report also maps the qualitative impact of various market factors on market segments and geographies.
The Retardant Solvent Market Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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